State Street in Partnership Talks With ICICI Bank – Report

New Delhi – State Street Corp. is in talks with ICICI Bank to form a partnership in the securities custody business, the Business Standard daily reported Thursday citing officials close to the development.

The U.S.-based financial services company is likely to buy an equity stake in a proposed joint venture, the report said.

“State Street is keen on picking a majority stake in the proposed venture. It may settle for a significant minority stake,” the report quoted an unnamed official.

According to the report, an ICICI Bank spokesperson said it does not comment on market speculation. State Street also said it does not comment on market rumors.

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